In a significant legal showdown, Binance, the world’s largest cryptocurrency exchange, is set to go head-to-head with the US Securities and Exchange Commission (SEC) in a Washington courtroom. 

The hearing, scheduled for Friday, marks the second high-profile legal battle this week involving the SEC and a top crypto exchange, following a similar case against Coinbase.

Binance Challenges SEC Lawsuit

According to a Reuters report, Binance intends to request a federal judge to dismiss the lawsuit filed by the SEC in June. 

The regulatory body accused Binance, its former CEO Changpeng Zhao (CZ), and the operator of Binance.US of various infractions, including “artificially inflating” trading volumes, diverting customer funds, failure to restrict US customers, and misleading investors about market surveillance controls. 

Additionally, the regulator alleges that Binance facilitated the trading of crypto tokens categorized as “securities” by the Securities and Exchange Commission. BAM Trading, the operator of Binance.US, has already argued in court filings that the SEC has failed to substantiate its fraud claims against Binance. 

The exchange has contended that the SEC lacks the authority to regulate crypto assets, echoing the arguments made by Coinbase’s legal team during Wednesday’s hearing.

While Binance Holdings reached a $4.3 billion settlement last year with the US Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC), the SEC’s lawsuit, which questions Binance’s core business model, remains unresolved.

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Author: Ronaldo Marquez

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